PhonePe Reaches 50 Million Registered Merchants Across India

National, 28 April, 2026: PhonePe, today announced it has surpassed 50 million lifetime registered merchants as of 28th April, 2026 on its platform, a milestone that underscores its role in the ongoing digitization of India’s economy. With a merchant network covering more than 98% of the country’s postal codes, this achievement reflects PhonePe’s expansion from payment acceptance solutions to a broader suite of merchant solutions required by businesses to compete in an evolving digital economy.

The company attributed this milestone to its sustained, multi-year effort to simplify digital entry points for small-scale businesses. Starting with the deployment of QR codes, PhonePe focused on eliminating the high costs associated with adoption of digital payments. The PhonePe Business app made it seamless for merchants to manage their payments and operations and over time helped them opt in for other business solutions such as loans, SmartSpeakers and POS devices. Over the years, this approach, supported by a feet-on-street sales network & channel-partner agents and a focus on local language support allowed the platform to scale into the heart of Bharat. This consistent expansion has enabled millions of small shopkeepers and kirana stores to move away from cash-only operations and enter the formal digital economy.

Commenting on the milestone, Yuvraj Singh Shekhawat, Chief Business Officer, Merchant Business, PhonePe said, “Reaching 50 million merchants is a significant milestone in our effort to make financial services more accessible to merchants across India. For many of our partners, the journey began with a simple QR code, but that relationship has since matured. Today, digital payments serve as a gateway to a wider range of formal services, including credit. We remain committed to building the necessary infrastructure to ensure that we can achieve financial inclusion for the smallest of merchants and they can participate in the nation’s digital growth.”

The growth of its merchant network is further supported by a range of merchant solutions, including SmartSpeakers, Point-of-Sale (POS) terminals and loans. These solutions solve the payments and working capital needs of merchants by lowering the friction of digital payments adoption and aiding their business growth.

About PhonePe

PhonePe Limited (Formerly PhonePe Private Limited) is a technology company that builds digital platforms for Payments, Digital Distribution Services and Financial Services. Headquartered in India, the PhonePe digital payments app was launched in 2016. As of April 2026, PhonePe has over 65 Crore registered users and a digital payments acceptance network spread across over 5 Crore merchants.
PhonePe’s products and services include Consumer Payments (including Digital Distribution Services), Merchant Payments, Lending and Insurance Distribution services, and New Platforms, which comprise Share.Market (stock broking and mutual funds distribution platform), and Indus Appstore (Android-based mobile app marketplace).

For more details, contact: [email protected]

“PhonePe Limited (the “Company”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed an updated draft red herring prospectus – I (“UDRHP-I”) with the Securities and Exchange Board of India and Stock Exchanges i.e., BSE Limited and National Stock Exchange of India Limited. The UDRHP-I is available on the websites of our Company, at www.phonepe.com, SEBI at www.sebi.gov.in, the websites of the book running lead managers, i.e. Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited, Jefferies India Private Limited and JM Financial Limited (at, https://investmentbank.kotak.com, www.jpmipl.com, www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, www.morganstanley.com/india, www.axiscapital.co.in, www.goldmansachs.com, www.jefferies.com and www.jmfl.com, respectively), the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP which may be filed with the Registrar of Companies, Karnataka at Bengaluru, in future including the section titled “Risk Factors”. Potential investors should not rely on the UDRHP-I filed with SEBI in making any investment decision.”